Interoil Q1 Interim Financial report

Oslo, 24 February 2021

Interoil Exploration and Production ASA is pleased to release its Q1 2021 interim financial report. Highlights in the quarter:

• Gross production decreased by 12% in Q1 2021 compared with Q4 2020 mainly caused by the drastic reduction in Puli C production since January 2021.

• Interoil’s EBITDA in Q1 2021 was positive USD 0.1 million, compared with a negative USD 1.9 in Q4 2020.

• On March 4th, Interoil signed a participation drilling agreement with SLS-Quantum to drill one exploration well in Altair block.

• On March 4th, Interoil signed an agreement with Velitec to invest in the reopening of the MMO oil production.

• On March 11th, the Company successfully completed the first private placement of new shares for approximately USD 1M. These funds are earmarked for exploration investment and reserved in the Company bank account.

For more information, please see attached Q1 2021 interim report.

Please direct further questions to ir@interoil.no

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Interoil Exploration and Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange with focus on Latin America and Argentina. The company is operator of several production and exploration assets in Colombia and Argentina. Interoil currently employs approximately 50 people and is headquartered in Oslo.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

• Q1 Interoil Report 2021